Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

205 ILCS 620/2-7

(205 ILCS 620/2-7) (from Ch. 17, par. 1552-7)

Sec. 2-7.

A corporate fiduciary so incorporated or
authorized after January 1, 1988, shall have minimum capital as determined by the Commissioner as
necessary for safe and sound operation of a corporate
fiduciary.  The Commissioner shall record such organization
capital requirements in the Office of the
Secretary of State.
During the time that a corporate fiduciary shall continue in its
fiduciary business, it shall not withdraw, or permit to be withdrawn,
either in the form of dividends or otherwise, any portion of its capital
except as approved by the Commissioner.  The Commissioner may, after a
corporate fiduciary has been incorporated or authorized require additional
capital if the Commissioner finds the condition and operations of the
corporate fiduciary or its proposed scope of operations require such
additional capital to achieve or maintain a safe and sound condition.

(Source: P.A. 90-301, eff. 8-1-97.)